Loyola’s net assets, or total monetary worth, at the end of fiscal year 2022 (FY22) was about $1.98 billion, an approximately $11 million decrease from the previous fiscal year despite the increase in total revenue and revenue less expenses, according to the university’s Form 990 for FY22.
Loyola’s net assets, or total monetary worth, at the end of fiscal year 2022 (FY22) was about $1.98 billion, an approximately $11 million decrease from the previous fiscal year despite the increase in total revenue and revenue less expenses, according to the university’s Form 990 for FY22.
The Form 990 is a document which the Internal Revenue Service requires to be filed each year by tax-exempt institutions including nonprofit universities like Loyola, according to the IRS. FY22 is the term for the fiscal year between July 2021 and June 2022 and is different from the 2022 calendar year.
Total expenses — which include salaries and wages, scholarships and program expenses — also increased by about $109.7 million from the previous year to reach about $889.8 million in FY22.
Before the consideration of unrealized funds, Loyola made over $146 million more in revenue for FY22 than they did in FY21, making a total of about $179.6 million, according to the Form 990.
Overall, the university brought in about $1.07 billion of total revenue, which includes contributions and grants to the university, investment income, program service revenue and other revenue from FY22 as pieces of the total revenue, according to the Form 990.
Teresa Krafcisin, Loyola Financial Services’ senior associate vice president and controller, said the Form 990 is a big part of what supports Loyola as a tax-exempt university.
“It’s a major compliance document,” Krafcisin said. “It provides the public — including donors or anyone else that’s interested in wireless operations — tremendous amounts of information that otherwise wouldn’t be publicly available.”
In FY22, the university made over $81 million more from investment income than in previous years, totalling about $107.5 million for FY22, according to the Form 990.
However, the university also had about $189.8 million of net unrealized losses on investments, which was a reversal from the approximately $247.9 million of net unrealized gains on investments in the previous fiscal year. Unrealized losses and gains are the potential amounts of profit or loss from an asset that has yet to be sold for cash, according to Investopedia.
Unrealized gains or losses are considered when calculating the university’s net asset balances at the end of the fiscal year.
“You kind of have to put yourself back in fiscal year 22,” Krafcisin said. “The stock market was, and investments in general, were not doing very well. In fact, they really reversed a lot of the gains that were unrealized in fiscal year 21. So, because of market movement, we had unrealized losses, but there was also investment activity which gave us realized gains.”
The university brought in about $694.7 million in tuition and fees in FY22, marking just under a $40 million increase from FY21, according to the Form 990. Krafcisin said this is due to both an increase in the cost of tuition and a rise in the size of the first-year class.
Krafcisin said it’s important to note this number comes before the deduction of grants the university gives to students as aid for tuition.
Loyola reported distributing a total of about $275.3 million in scholarships to 14,226 recipients and a total of about $2.2 million in fellowships to 421 recipients in the FY22, according to the Form 990.
The highest compensated employee for FY22 was former university President Jo Ann Rooney, who made $963,242, according to the Form 990. Rooney left the university and was replaced by current Loyola President Mark C. Reed in October 2022, The Phoenix previously reported.
Second on the list of highest compensated employees for FY22 was Stritch School of Business Dean Sam Marzo with $752,192, then former Provost and Chief Academic Officer Norberto Grzywacz with $658,959, then Dean of Undergraduate Admissions Erin Moriarty with $594,303 and finally Provost Margaret Callahan with $578,196, according to the FY22 Form 990.
In FY21, the highest paid employee was former men’s basketball head coach Porter Moser, with a total compensation of about $1.1 million, The Phoenix previously reported. Current men’s head basketball coach Drew Valentine’s total compensation is less than half at $533,091 with a base compensation of $394,384, according to the FY22 990.
These total compensation figures include base compensation, bonus and incentive compensation, retirement and other deferred compensation, and nontaxable benefits.
Loyola spent about $600,000 dollars more on advertising in FY22 than in FY21, according to the Form 990. This continues an increase in advertising spending which also occurred in FY21 compared to FY20, The Phoenix previously reported.
Krafcisin said these advertising costs also include the cost of student outreach and recruitment programs, which aim to bring in more applicants for each college admissions season.
“There’s also tremendous resources that are devoted to telling Loyola’s story and telling Loyola’s brand and supporting that advertising and all of the enrollment outreach as a way to do that,” Krafcisin said.
The university collected $66,779 less in interest from student loans in FY22 than in FY21, according to the Form 990. The university also saw a decrease of $80,999 in FY21 from FY20, The Phoenix previously reported.
Krafcisin said the decrease in student loan interest is related to the federal Perkins Student Loan Program, which ended Sept. 30, 2017, according to the Federal Student Aid website. Despite its end date having passed, some graduates are still paying off their loans, so this number will continue to decrease until it reaches zero.
The university’s highest paid contractor was dining services provider Aramark, who was compensated a total of about $11.9 million in FY22, according to the Form 990. This was about a $4.7 million increase from FY21, which Krafcisin said was due to students being required to be on a meal plan again after the requirement was waived due to the COVID-19 Pandemic in the 2021-22 school year.
Second on the list was the Millard Group, who are responsible for housekeeping at the university, followed by Orbis Education, a company responsible for program management. These organizations were paid about $9.7 million and about $4.8 million by the university, respectively, according to the Form 990.
The last two companies of the top five highest paid contractors listed were construction companies, including B Stromberg Construction with a total compensation of about $3.96 million and Power Construction with about $3.6 million. A total of 101 independent contractors were paid over $100,000 by Loyola, according to the FY22 990.
Krafcisin said a decrease in construction costs could be attributed to the building of Francis Residence Hall, which was under construction during calendar year 2020 and consequently required more spending on construction than the following years.
The university made $526,208 from other revenue this year, which Krafcisin primarily attributed to lower net rental and royalty income. Lakeside Management, a branch of the university that manages several buildings surrounding the Lake Shore Campus, is included on the university’s Form 990, according to Krafcisin.
In total, $161.7 million contributions and grants were reported by the university in FY22, about $66.5 million more than in FY21, according to the Form 990. Information about where this money was contributed from isn’t publicly available, but the university received several large contributions and grants during FY22 which contributed to the increase, according to Krafcisin.
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